Product enhancements to enable Single Touch Payroll compliance are on track for end of Q1, read on for STP and other legislative product news including QLD PBA’s.
You should be aware now of the new STP Legislation coming into play in July 2018. Employers will be able to report salary or wages, pay as you go (PAYG) withholding and super information to the ATO, at the same time they pay their employees. This will mean simpler reporting obligations and more options for completing tax and super forms electronically. Our Jobpac Connect development team are on track for delivery of enhancements to enable your compliance and we expect to deliver in time for your testing in preparation for the July 1st 2018 legislated date. At this stage we are expecting to release at the end of Q1 or Early in Q2 2018. We will keep you posted with progress, release dates and instructions via the What’s New and our monthly news letter.
In other legislative product news, the QLD Project Bank Account legislation was passed and if your projects qualify you will need to comply from Jan 1st 2018. We have been monitoring this legislation since 2016 and have a draft product enhancement specification available for review prior to commencement of build. If you are interested in providing feedback to the draft specification please contact your account manager. In this enhancement our goal is to make it easier for our customers to reconcile and manage compliance. We will be sure to keep you updated as news comes to hand and you can expect more information on this matter in the weeks and months ahead. Our solution will also cover reconciliation requirements for the similar NSW legislation for SC Retention Held in Trust on Projects over 20 Mil.
In other legislative compatibility news, we have recently reviewed new standards for Revenue Recognition as per AASB 15. At this stage we do not expect to have to make product changes to assist you with compliance to this new standard. Please do not hesitate to contact us through your account manager if you are concerned about product compatibility.
Should you have any queries or concerns regarding these or other legislative product capabilities please contact your Account Manager.
Happy New Year!
Andrew Tucker (Product Manager APAC)